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What does the phrase 'Sundry Debtors' mean against a debit entry on a personal current account statement?
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Can creditor garnish bank account when I am listed as a custodian on my child's account?
Yes. In the event a creditor has secured a judgment against you for a bad debt, that creitor may secure by garnishment any account on which you appear. By legal definition any account on which you appear is your account. It is an old trick, and not very successfully done in past years, for debtors to try to hide their finances behind their children's names. Collections agencies and many creditors now have people on staff called skip tracers who specialize in locating the assets of debtors. If it is out there, they will find it.
Is purchase a debit or credit balance?
A purchase you make is a DEBIT against your account.
Is provisions for bad debts nominal account?
yeah may be because provision for doubtful debt is a reserve which has been created against the debtors which is an estimated loss and also the journal entry is [Debit] Provision for bad and doubtful debts a/c [Credit] Debtors a/c and here this loss is debited and hence it can be treated as nominal a/c but while preparing trial balance it has a credit balance as its a liability
Can your girlfriend use your bank statement against you if she stole your bank statement?
well if she did try to use it against you you can bring up the fact that she actually stole your bank statement!!!! : )
An account which is offset against another account is?
contra
Can you borrow against personal savings account?
Yes. You can always "borrow" against your own funds. You can apply for a loan or just withdraw the amount you need from your personal savings account.
What does D mean on your mini statement?
D stands for "Debit" in your mini statement. It refers to a Debit or Withdrawal transaction in your account. Let's say you withdraw Rs. 1000/- from your account now, and then try to get a mini statement, this Rs. 1000/- that you just took from your account would have a code D against it indicating a debit or withdrawal transaction on your account.
What is the law against hacking into a personal account?
It's called a "Go to jail directly" card
How are debtors notified of death to make claim against an estate?
It is the responsibility of the executor to notify all possible debtors and advertise for others.
Can creditor garnish bank account when I am listed as a custodian on my child's account?
Yes. In the event a creditor has secured a judgment against you for a bad debt, that creitor may secure by garnishment any account on which you appear. By legal definition any account on which you appear is your account. It is an old trick, and not very successfully done in past years, for debtors to try to hide their finances behind their children's names. Collections agencies and many creditors now have people on staff called skip tracers who specialize in locating the assets of debtors. If it is out there, they will find it.
Where can one find information on account reconciliation?
Account reconciliation is the comparing of transactions that you have recorded against the a statement from the bank. To find out more about how to do this one could visit the Accounting Coach website.
Which colony was a haven for debtors and a buffer against Spanish Florida?
Georgia
What is a swift MT950?
MT950 is the electronic equivalent of your bank statement produced in SWIFT format. It has the opening balance, details of debits and credits and a closing balance. Is is sent by the bank who service the account to the account owner. The account owner will then check it against their own 'Nostro' account which is a reflection of the real account. If you are asking about the MT950 then you are interested in a bank formatted statement which is checked against the Nostro hence the need for applications to do Nostro Reconciliation. The Nostro is somewhat like your cheque book in that it records what you think you have in your account, the real account (Vostro) balance as shown on the statement is compared. So if you have just written a cheque out it will be noted in your chequebook and you'll have accomodated that in your balance estimatation, but your real account won't reflect it until the cheque is presented.
How do you prepare the adjusting journal entry to record bad debt expense?
The bad debt is recorded against the asset, which is the debtors control account, or account recievable, for example company A is owed $1000 by company B, during the year, company B approaches company A and states that it is going out of business and can only pay them $600, therefore the bad debt is $400 Credit the debtors account of company b with $400 and debit bad debt expense $400
Can a credit card issuer access a personal checking account to pay an account that has been written off?
If there is a valid judgment against the account holder, the judgment creditor can levy the bank account to recover the monies owed according to the terms of the judgment and the laws of the state in which the account is held.
Are you legally allowed to see a statement made by someone against you?
A statement made by someone against you, if it's a legal statement, will be presented to you and you will have the chance to respond. If there will be charges brought against you, it will be in the form of a subpoena.
Can you press criminal charges against the majority owner in an S-corporation for taking money from the business bank account for personal use?
Yes, the business activities must remain separate from personal activities.
